Thanks to confirm this, that's what I thought too.
Moreover, recently Wise and IBKR are teaming up therefore various and different currency accounts will be accessible to transfer to/from Wise.
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Digital Nomads, Biz owners in Bangkok
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Moreover, recently Wise and IBKR are teaming up therefore various and different currency accounts will be accessible to transfer to/from Wise.
When you withdraw from IB to third country, do you have to write residential address in transfer instructions or just SWIFT/BIC code and bank account number? I withdraw to my EU bank accounts (from IB european entity) and they only want IBAN number.
You have to pair Wise and IB accounts first, not sure what exactly happens in the process. What if you have different residencies on both platforms i.e. IBKR with UAE and Wise with EU? Wise for example doesn't support UAE residents...
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Ibkr allows to withdraw to any country
but you can't edit your beneficiary name and address on IBKR when withdrawing. Ibkr doesn't know your address of the beneficiary bank but the bank can refuse the payment if the details registered with the bank account and in the wire transfer don't match. I guess it will depend on the bank how strict they are with matching the address?
I haven't personally tried it as I'm sure a bank in Hong Kong will not accept a transfer if beneficiary country in the wire transfer is Thailand. IBKR said this can't be changed unless you change your residency in IBKR and they say you can only have one residency. Better not to play around too much with them on this topic to avoid red flags and account suspension
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Just found out that when you link IBKR with Wise, you have to agree to share with Wise: full name, address, date of birth, phone number, email.
wouldnt they have that info already? i dont see whats the issue.
I have a wise account with an address in europe connected with an IBKR acc with a Duabi address and theres no issues.
Wise doesn't aboard UAE residents and now they get additional indicia (UAE phone number and UAE address) via IBKR with this linking. High probability to get both accounts KYC/AML questioned or closed. They don't announce in advance you're being monitored and why.
Hopefully not, ivent heard nothing from their side yet.
Back in the day they literally told me to change my address to the one I had before (EU) so they could still service me.
Fingers crossed it stays this way.
Aussie teacher details horrific conditions inside Thai detention
The Australian teacher had been living in Thailand for three years, two of those on a tourist visa. He said in the last year he was teaching English to Chinese students online through an Australian company, and said he was told this was fine because no money was exchanged through Thailand. But after his neighbour complained, John said he got a knock at the door.https://www.news.com.au/travel/trav...n/news-story/d432a704bf0db1def6d79489ae1b830c
That's no surprise and although many claim in Asian countries you can work remotely or have income and don't need to report or pay tax, in 99.9pct of the cases you remain under the radar and they will leave you alone, which doesn't mean you are operating according the law.
Mostly you get caught by something unforeseen (I speak out of experience) , and once you are in their eye sight, neither the law nor the authorities are at your side as you are breaking the law, since doing any work or business on a tourist visa is not allowed. The outcome depends on their goal and your connections, in the best case scenario they teach you a lesson and you can agree on the "fine", worst case scenario you have to pay the taxes and fines they claim, get blacklisted for a period and deported.
Most people I know in SEA do business and operate even multiple companies on a tourist visa, they don't encounter any issues. Only when someone reports you or you have bad luck, well then you have bad luck and belong to the 0.1pct.
The longer you stay in a country working illegally, the higher the risk. Just as with a business where you have after 5years a higher risk of a tax audit, it's recommended after 3-5 years to move to another country for some period.
Mostly you get caught by something unforeseen (I speak out of experience) , and once you are in their eye sight, neither the law nor the authorities are at your side as you are breaking the law, since doing any work or business on a tourist visa is not allowed. The outcome depends on their goal and your connections, in the best case scenario they teach you a lesson and you can agree on the "fine", worst case scenario you have to pay the taxes and fines they claim, get blacklisted for a period and deported.
Most people I know in SEA do business and operate even multiple companies on a tourist visa, they don't encounter any issues. Only when someone reports you or you have bad luck, well then you have bad luck and belong to the 0.1pct.
The longer you stay in a country working illegally, the higher the risk. Just as with a business where you have after 5years a higher risk of a tax audit, it's recommended after 3-5 years to move to another country for some period.
Well, it does not indicate clearly what was happening and what lead to this.
So first was the neighbor thing complaining indicating dude might have angered him in some way. Normally its dgaf so this is already unusual.
First, police came back again after having checked up on him. Could also be because he was for 2 years on a tourist visa implying sustained visa runs which they do not like at all.
But yeah, matter of fact, whole of Asia has inherent risks and if they want you done, it shall be so. Nevertheless, chances of one being hit in the same way are low. I personally know of a few 100 or so people who live in Asia for extended periods, not one having faced any issues. But stories are around for sure.
He was probably repeating Antidisestablishmentarianism for the 100x time and the neigbour went nuts.
Moral of the whole story:
- don't work in Thailand on a tourist visa (at least not in a visible or audible way)
- don't talk about working (even if it's online)
- don't do visa runs
- avoid confrontations with locals
- don't overstay
- use VPN
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Id add: be somewhat discreet and do not broadcast your extensive rotating love life
Id add: be somewhat discreet and do not broadcast your extensive rotating love life
Thai chicks are nuts, I can confirm.
Sometimes they also have nuts but thats another conversation
600 usd per year? Which one is that? The cheapest I found is around 38000 THB, thats about 1200 USD, double of what you mentioned.
@Skanners thanks a lot for sharing your Thai Elite visa journey with us! I'm thinking of a very similar setup: US LLC + Thai Elite for living in Thailand. Based on your Elite agency's response, I understand that you can file taxes if you want to, right? Which seems like the right thing to do if you get money from your offshore company in the following year, your tax will be 0%, but you will have a record of your tax fillings in case you need it in the future, for instance if you decide to move somewhere else?
Do you have any links/contacts of such providers, especially for the work permit?
Hey, As far as im aware from what I've asked them, yes you can file taxes if you need to. But technically you dont as the Elite Visa is only a tourist visa, but in a special category of its own. Still a tourist visa though. You're allowed bank accounts and all the fun stuff of a resident BECAUSE you're guaranteed that 5+ years in the country, regardless of if you use it or not.
IF you're getting money from the offshore company, it depends on how you class it in the US first. Whether its loaned money or paid to you as dividends or whatever will be taxed in the US, not Thailand. I think the Thailand tax thing is mostly to show that you're in Thailand as a tax resident without BEING a tax resident. Like you said, it might be good to show that you're paying taxes in SOME country rather than having no tax information when you go to some other place in the world and they require it. I think thats an accountant question mostly.
-Skenners
@Skenners, have you already changed tax residency to Thailand at IBKR? I'm curious which documents they want to see. For example one guy on Facebook mentioned he showed to IBKR a bunch of documents that are usually not requested by foreign banks/brokers: 90-day reports, document that he is not tax resident in country of citizenship anymore, rental agreement...etc. But no Thai tax ID was needed.
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